Byron Dorgan: “I have often over the years reminded my colleagues of a verse of a song of Bob Wills and the Texas Playboys from the…”

“I have often over the years reminded my colleagues of a verse of a song of Bob Wills and the Texas Playboys from the 1930s. The verse in the song from the 1930s by Bob Wills and the Texas Playboys was: The little guy picks the cotton, but the big guy gets the money. The little bee sucks the blossom, and the big bee gets the honey. Never is that more evident in almost every decade than it is evident today, at this point, in this decade, with what is happening in Washington, DC. Some big economic interests get a headache, the Federal Reserve and the Government rush with a pillow and aspirin to see if they can put them to bed, help them out, give them some comfort. Sure enough, we are now told for the stability of the financial system, a big investment bank has to be bailed out. We will assume $29 billion worth of risk for the American taxpayer, and another investment bank will be able to buy the investment bank that is failing for about $1.2 billion. So J.P. Morgan will buy Bear Stearns, it will cost them $1.2 billion, and the American taxpayers will offer $29 billion as a backstop to at least what is in some cases bad commercial paper by the investment bank that was failing. I do not come to the floor suggesting we should do nothing, and I do not even know whether what the Fed has done is the right thing.”